Viking Mines Accelerates Nevada Tungsten Development with High-Grade Assays and US OTC Debut

Rapid Validation and Expansion of Nevada Tungsten Assets

Viking Mines Limited (ASX:VKA) has swiftly transformed its Nevada tungsten portfolio from acquisition to active development, underpinned by standout assay results and robust technical validation. The company’s flagship Linka Project has emerged as a high-priority asset, with mineralised strike length doubled to approximately 1.6 kilometres and surface sampling delivering exceptional grades up to 14.7% WO3. This rapid progress follows comprehensive due diligence that integrated historical production and exploration data, significantly de-risking the geological model and saving costly fieldwork.

Linka’s historical data digitisation and recent geophysical surveys have revealed a multi-kilometre mineralised corridor with thick, high-grade intercepts such as 12.2 metres at 1.3% WO3 and 22.9 metres at 0.6% WO3. These results underscore the project's potential to host substantial tungsten resources in a geopolitically critical jurisdiction, especially as China’s dominance over global tungsten supply tightens export quotas.

Metallurgical Breakthroughs and Processing Strategy

Crucially, Viking has demonstrated the metallurgical viability of Linka’s ore with a first-pass gravity separation testwork producing a premium concentrate grading 63.6% WO3 at 42.4% recovery, a sixteen-fold upgrade from the feed grade. Follow-up flotation tests on gravity tails boosted combined recovery to 83.8%, confirming the ore’s amenability to a low-capital, modular processing flowsheet. The company’s engagement of Mineral Technologies, a Downer Group subsidiary, to design a rapid-start modular plant further signals a pragmatic approach to fast-tracking production while managing capital intensity.

Complementing processing advances, Viking’s expanded ground magnetics and gravity surveys have refined geological models and identified new drill targets, including concealed mineralisation beneath younger volcanic cover. These geophysical insights are critical to optimising the upcoming maiden drilling campaign planned for late June quarter 2026, which aims to validate historical results and test extensions of the mineralised system.

Permitting and Strategic Partnerships Accelerate Development

Viking has proactively engaged WSP USA Inc. to oversee baseline environmental studies and permitting strategy, enabling parallel progress on regulatory approvals alongside technical workstreams. This concurrent approach mitigates typical sequential delays, positioning Linka for rapid advancement to exploration readiness. The company expects Notice of Intent approval from the Bureau of Land Management by mid-quarter, allowing immediate drill site access.

Further embedding itself in the US market, Viking recently commenced trading on the US OTC Market under ticker VKALF, broadening its investor base without additional regulatory burden or dilution. This move aligns with the company’s strategic intent to position Linka as a future domestic tungsten supplier amid surging global demand and supply chain sensitivities.

Viking’s strong cash position of $4.68 million as of 31 March 2026 supports its accelerated work program, which includes ongoing metallurgical optimisation, surface mapping, tailings and stockpile assessment, and drill contractor engagement. Notably, the company’s recent field campaign targeting historical tailings and ore stockpiles complements its exploration efforts and was detailed in a recent update outlining systematic sampling and metallurgical progress ahead of the drilling phase.

Portfolio and Capital Position

While Linka commands most attention, Viking’s acquisition includes five other tungsten projects in Nevada with limited historical data but potential upside. The company continues to assess these assets for exploration opportunities. Meanwhile, its Australian projects, Riverina East and Canegrass Battery Minerals, remain on hold with no material activities reported this quarter.

Capital raising efforts underpinning this expansion were completed in two tranches totaling approximately $4.29 million, including a strategic placement to American Tungsten Corp. Directors also participated, reinforcing internal confidence. Viking’s quarterly cash flow report reflects disciplined expenditure focused on exploration and corporate administration, with director fees and staff costs appropriately disclosed.

Viking Mines’ accelerated development strategy is a textbook example of leveraging historical data, modern geophysical techniques, and strategic partnerships to compress timelines in a critical mineral sector. The company’s next major market catalysts will be the maiden drilling results and further metallurgical updates, which will test the robustness of the geological model and the economic potential of the Linka tungsten system.

Given the geopolitical urgency surrounding tungsten supply and prices recently hitting record highs, Viking’s progress in Nevada places it among a select group of juniors poised to benefit from the global push for supply chain diversification and critical mineral security.

Investors should watch how the upcoming drilling campaign and permitting milestones unfold, as these will provide clearer signals on the project’s scale and feasibility amid a dynamic commodity environment.

For additional context on Viking’s metallurgical advances and low-cost production pathway, the company’s recent gravity survey results provide detailed insights into how geophysical data is de-risking the June quarter drilling programme.